The global acetyls market is experiencing growth and is projected to reach USD 43,337.36 million by 2030, growing at a CAGR of 5.58% during the projection period. This development can be credited to the growing utilization of these chemicals in many sectors, like food & beverages, paints & coatings, and construction also increasing the requirement for medicine and the resulting high research and development expenditure, and supportive government guidelines for the pharma industry.
In recent years, the Acetic acid category dominated the industry, and the same is projected to lead the industry in the future as well. This growth can be credited to its extensive usage in the making of plastics and cosmetic items and as a dissolver in organic and inorganic compounds.
Furthermore, the surging making of monochloroacetic acid,vinyl acetate monomer,buty acetate, and ethyl acetate boosts the acetic acid requirement. In addition, it is utilized to make polyesters, sealants, greases and sealants, and coatings all of which have a variety of applications in many industries, such as electronics, packaging, and automotive.
In recent years, the food and beverage category held the largest share of revenue in the acetyls market, responsible for around 25%. The category is also projected to dominate the market in the future as well. This sustained dominance can be credited to many reasons, such as the expanding consumer base in developing nations the growing standards of living, and the surging demand for polyester containers, plastic bottles, and similar packaging items, mainly driven by the growing packaged food industry. Furthermore, these chemicals find application as artificial flavoring agents and preservatives in food products.
In recent years, the APAC region dominated the market with the largest revenue share, and the region is also projected to be in the top position in the future as well. This can be credited to the vast populace and high-speed industrialization and urbanization in the region. Moreover, the growing purchasing power and rising living standards have allowed individuals to spend more on automobiles, processed food and beverages, furniture, housing, and electronic gadgets.
Hence, the growing utilization of these chemicals in many sectors, like food & beverages, paints & coatings, and construction also increases the requirement for medicine, and the resulting high research and development expenditure, and supportive government guidelines these are the major factors propelling the market.